Office Ltd manufactures furniture for computer work stations. The company uses a job costing system. Manufacturing overhead is applied to production at a predetermined overhead rate of $60 per direct labour hour. Job OF 97 (started during October) was the only job in process at close of business on 31 October, with accumulated costs as follows: Direct material: $850 Direct labour: $600 Direct labour is paid at a rate of $40 per hour. In addition, Job OF 103, which was the only completed job that was still on hand as of 30 November, had a total cost of 2,500 Other information relating to the company's inventories and production for the month of November is as follows: Direct Materials - opening balance: $1,000 Direct Materials - closing balance: $500 Direct Materials - purchased: $10,000 Direct Labour incurred: $7,200 Actual overhead cost: $10,300 WIP - closing balance: $13,500 FG - beginning balance: $8,000

Required: 
1. Calculate the cost of goods manufactured for the month of November  
2. Calculate the adjusted cost of goods sold for the month of November

Answer rating: 100% (QA)

ANSWER To calculate the cost of goods manufactured COGM for the month of November we need to determi... View the full answer